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Wednesday, November 25, 2020

Rupee rises 13 paise to 73.36 against US dollar in early trade

At the interbank forex market, the domestic unit opened at 73.39 and gained further ground to touch 73.36, registering a rise of 13 paise over its previous close.

By: PTI | Mumbai | October 21, 2020 11:14:11 am
A customer counts Indian one-hundred rupee bank notes before depositing them in India. (Photographer: Dhiraj Singh/Bloomberg)

The rupee strengthened by 13 paise to 73.36 against the US dollar in opening trade on Wednesday, supported by positive domestic equities and weak American currency.

At the interbank forex market, the domestic unit opened at 73.39 and gained further ground to touch 73.36, registering a rise of 13 paise over its previous close.

On Tuesday, the rupee depreciated by 12 paise to close at 73.49 against the US currency.

“The risk sentiment continues to remain upbeat on Democrat leader Nancy Pelosi’s optimistic comments on the stimulus deal which seems to suggest Democrats and Republicans have reached a consensus on most aspects barring a couple of issues like state and local aid and assistance to working families,” said Abhishek Goenka, Founder and CEO, IFA Global.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.18 per cent down at 92.90.

On the domestic equity market front, the BSE benchmark Sensex was trading 396.23 points higher at 40,940.60, and the broader NSE Nifty rose 107.75 points to 12,004.55.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,585.07 crore on Tuesday, according to exchange data.

Brent crude futures, the global oil benchmark, rose 0.58 per cent to USD 42.91 per barrel.

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